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If you own a Vermont business, you will need to file an annual report with the Secretary of State to maintain good standing. If your business is a profit corporation, profit cooperative corporation, or a limited liability company, you must renew your business registration each fiscal year by filing an annual report each year within the first two and a half months following the fiscal year end on record with the Vermont Office of the Secretary of State. For example: If your fiscal year end on record is December, your annual report is due anytime between January 1 and March 15 each year. If your business is a limited liability partnerships or a mutual benefit enterprises, you must renew your business registration each calendar year following registration by filing an annual report anytime between January 1 and April 1 each year following your initial registration (regardless of fiscal year end). If your business is a nonprofit corporation or a nonprofit cooperative corporation, you must renew your nonprofit registration every two years, beginning the first year following initial registration, by filing a biennial report anytime between January 1 and April 1.
Do you own rental property?
If you are a landlord and own rental property, it is important for you to understand how the property is titled – whether it is in the name of a limited liability corporation or in your own name. It is also important after determining the previous question, as to what liability exists if something were to happen at the rental property and how it would need to be handled and how it can impact yourself and your life. We have seen homeowners purchase property and use it as their primary residences, but after a point, it then becomes a rental property. However, the title to the property still remains in the homeowner’s own name and not the name of a limited liability corporation. This can open the door for liability if a tenant were to bring an action against you. Please seek assistance if you plan on purchasing a rental property or utilizing a primary residence as a rental property to ensure that you understand the liability and to ensure you have the property titled in the correct manner.
Are You Organized?
As our lives get more complicated, we seem to acquire more paperwork and now of days only electronic paperwork. We know where we save our files, where we keep the key to our safety deposit box and safe, what our account numbers and usernames are, and much more. Does anyone else? Probably not. We are told to keep these items secret and locked away. However, we need to plan for if something were to happen to us while we are traveling, a sudden medical emergency or anything else that may arise. This planning is essential. Therefore, take the steps to organize your important documents in one location whether they are the copies or originals. Then let your closest family member or friend now where to find them before you travel overseas or just so they know in case of an emergency. The important documents can include your driver’s license, passport, birth certificate, financial power of attorney, advanced health care directive, last will and testament, trusts, life/mortgage/disability/homeowners’ insurance policies, stock certificates, investment statements, bank statements, listing of personal effects with serial numbers, and any other personal matters. Becoming organized will assist in finding your important documents when time truly counts.